Good credit is not necessarly mandatory to qualify for a loan however it is a clear indication of a individual with very poor money management skills likely not equipped to be a successful investor.  

having a 1000 balance on a 2000 credit card (50% util) is horrible for your score, but not as bad as having 1000 sitting on a 5000 card

Thankfully after deep analysis of numbers and careful inspection of the property and most importantly the hiring of quality contractors I realized... eureka I can do this!

@Greg Callan I wouldn't get to caught up on cap rates for 1-4 units, it's just a bad sign for me when you're proforma cap rate is 4.5% and you're borrowing money from the bank at 4.75%.

View the Speaker E-Book here for a preview of the high quality content you can expect to hear at the conference.

Not having a deal is better than getting a bad one.

(Unless you buy a bad deal, don’t do that ;) )

I suspect that in San Diego there is a very strong correlation of rent rates to quality of area (B class, c class, etc.) and less so on the quality of the units. 

The bad part is that it was a conditional approval.  

Buy high quality assets in areas with high demand so my assets value goes up and my rents go up a lot over time.